KYC details can be updated by Dec 31; select limited KYC a/cs can be made fully compliant: RBI

By Et Online10 days ago

Those who have to update their KYC details of their bank accounts can breathe a little easy. The Reserve Bank of India (RBI) announced today that banks should not take punitive action against those customer accounts where periodic KYC updating is due/pending. RBI has given time until December 31, 2021 for customers to update their KYC details.

This announcement was part of the RBI governor, Shakthikantha Das' unscheduled speech on May 5, 2021 to announce measures to tackle the ongoing second wave of the novel coronavirus pandemic.

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Keeping in view the COVID related restrictions in various parts of the country, Regulated Entities are being advised that for the customer accounts where periodic KYC updating is due/pending, no punitive restriction on operations of customer account(s) shall be imposed till December 31, 2021 unless warranted due to any other reason or under instructions of any regulator/enforcement agency/court of law, etc. Account holders are requested to update their KYC during this period, the RBI governor said.

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